Put Endesa Fate In Shareholders’ Hands, Spain's PM Says

Law360, New York (April 17, 2006, 12:00 AM EDT) -- Although the Spanish government has tweaked its law to foil a German takeover offer, Spain’s prime minister has said shareholders of energy superpower Endesa SA should be allowed to decide which of the two rival bids to accept.

Prime Minister Jose Luis Rodriguez Zapatero said the competing bids over Endesa between German utility E.On AG, for €29.1 billion, and Spain’s Gas Natural, for €22.6 billion made up primarily of company shares, would follow standard procedures outlined in Spanish takeover law.